Covantis, the industry initiative that aims to modernize global trade operations, announced it has received all required regulatory approvals and has incorporated as a legal entity in Geneva, Switzerland, as Covantis SA. The company is co-owned by its founding
members: ADM, Bunge, Cargill, COFCO, Louis Dreyfus Company and Glencore Agriculture.

Covantis also announced its governance structure and executive appointments. "After a thorough search process, we are very pleased to appoint Petya Sechanova as the company's CEO," said Stefano Rettore, an independent advisor to the organization. "Petya
brings a wealth of industry knowledge to Covantis and has been fundamental in shaping the initiative since its inception in 2018."

Sechanova has more than 20 years of experience in multinational companies, including 11 years with Cargill, during which she has served in a series of leadership positions, including, most recently, trade operations leader. Stefano Rettore will continue in his role
as an independent advisor to the board until June, after which his successor will be announced.

"We're excited to create Covantis as a company. This paves the way toward launching the first release of our industry-changing digital solution, focusing initially on grains and oilseeds post-trade execution processes," Sechanova said. "In conversations with
stakeholders around the world and up and down the value chain, we've heard time and again how critical it is for our entire industry to modernize our outdated global grain trading operations. Now that we've received regulatory approvals and incorporated
Covantis as a legal entity, we focus on the preparation of the 2020 launch of the new platform."

A Board of Directors consisting of one member from each of the six co-founders will oversee the company and help to guide its evolution. The Board will be chaired by one of the Directors and will rotate annually. The Director appointed by Louis Dreyfus
Company will act as Chair for the first 12 months.